Rent vs buy in Richmond, VA
Richmond, Virginia shows a typical rent of $1,628 /mo and a typical home price of $361,844.
Renting is ahead by $24k over 7 years
Using Richmond's typical rent and home value, the calculation applies 20% down and today's mortgage rate. The break-even year is 12.
An opinion with a clear label and the math shown. These are estimates, not quotes. The stamp changes when you change a number.
- Renting leads by
- $24k after 7 years
- Break-even point
- year 12 when owning catches up
- Full ownership cost
- $3,146 each month year 1, against $1,628 rent
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Is it cheaper to rent or buy in Richmond?
Over 7 years, renting costs $24,399 less after counting the money returned when you sell. For the first 11 years, renting costs less. By year 12, owning catches up.
Renting. Owning. Net cost by year so far.
Average rent compared with mortgage payments in Richmond
Rent and the mortgage don't tell the whole story. Here are all monthly costs for year 1 at Richmond's typical price.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,628 | All of it, every month |
| Mortgage payment | $1,973 | $1,739 of it is interest in year 1 |
| Property tax | $268 | 0.89% of the value a year |
| Insurance | $98 | Census median for the city |
| Upkeep | $302 | 1% of the value a year |
| Owning, cash out | $2,641 | $234 of it builds equity |
| Lost return on the down payment | $588 | The cash would earn 8.3% each year |
| Buying costs, spread out | $151 | 3.5% of the price over 7 years |
| True cost of owning | $3,146 | Subtract the equity portion from cash out, then add the two lines above |
Richmond's verdict, explained by the numbers
- Typical home valueZillow ZHVI, September 2026
- $361,844
- Typical rentZillow ZORI, September 2026
- $1,628 /mo
- Down payment20% avoids private mortgage insurance, which the engine does not model
- 20%
- Mortgage rateFreddie Mac Primary Mortgage Market Survey (FRED MORTGAGE30US)
- 7.24%
- Home price growthFHFA house price index, Virginia, 1995 to 2025
- 4.6% a year
- Rent growthCPI rent of primary residence, yearly growth 2006 to 2026
- 3.5% a year
- Return on savings60% S&P 500 with dividends and 40% 10-year Treasuries, rebalanced yearly, 1928 to 2025
- 8.3% a year
- Property taxCensus ACS 2020-2024, Richmond
- 0.89% of value
- Home insuranceCensus ACS 2020-2024, Richmond
- $98 /mo
- MaintenanceFannie Mae, low end of 1% to 4%
- 1% of value a year
- Buying costsFreddie Mac, middle of 2% to 5%
- 3.5% of price
- Selling costsAgent commission plus closing costs
- 6% of price
What would flip the result in Richmond?
Each line shows where Richmond's 7-year verdict changes, with all other factors staying the same.
When renting wins
- Home prices increase by less than 5.4% yearly. Our 4.6% figure is Virginia's long-run rate.
- A mortgage rate above 6.04% stays in place.
- A similar home rents for under $1,890 a month. The typical rent here is $1,628.
- Before year 12, you move.
When buying wins
- Annual home price growth exceeds 5.4%.
- You lock in a rate below 6.04% for the mortgage (today's is 7.24%).
- The same home would cost over $1,890 monthly to rent.
- You remain for at least 12 years.
How Richmond compares with the other 812 cities
| Measure | Richmond | Median city |
|---|---|---|
| Typical home value | $361,844 | $422,451 |
| Typical rent | $1,628 /mo | $1,837 /mo |
| Price-to-rent ratio | 18.5 (#403 of 813) | 18.5 |
| Home prices, last 10 years | 6.8% a year | 6.2% a year |
| Rents, last 5 years | 5% a year | 4% a year |
| Property tax | 0.89% | 0.87% |
| Households that rent | 56% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
More Virginia cities
- Renting wins by $9k in Virginia Beach, VA.
- Rent. Chesapeake, VA. Renting has an edge of $12k over buying.
- Buy. Norfolk, VA. Buying has an edge of $6k over renting.
- Toss-up. Newport News, VA. The result is close, but buying leads by $2k.
- Renting wins by $106k in Alexandria, VA.
- Buying wins by $18k in Hampton, VA.
- Toss-up. Suffolk, VA. The result is close, but renting leads by $1k.
- Rent. In Roanoke, VA, renting wins by $10k.
- Buy. In Portsmouth, VA, buying wins by $18k.
- Rent. In Lynchburg, VA, renting wins by $8k.
- Rent. In Harrisonburg, VA, renting wins by $5k.